For those planning to relocate, Sarasota and Manatee County in Florida are two of the best destinations to consider. Along with year-round warm weather, these areas are well-known for award-winning beaches, an abundance of local parks, and luxuries such as the best restaurants and shopping complexes you’ll find in the country. 

A common dilemma faced by first-time homebuyers is choosing between purchasing a starter home or a forever home. In this article by Realty with Rich, we’ll explore the pros and cons of each option, using which you can make an informed decision and make the most of your relocation.

Buying a Forever Home

A forever home will meet your needs in the present and the future. For instance, if you plan to start a family or home-based business soon, buying a home with additional rooms will help fulfill this requirement. Your forever home could be a fixer-upper that you renovate based on your liking or a finished home that includes all the desired amenities. Here are three benefits of buying a forever home:

• Stability: If your personal and professional plans for the future are clear, owning a home may be the last piece of the puzzle, allowing you to live the lifestyle of your choice. Additionally, stability plays a key role in a child’s overall growth and development. Hence, for parents, buying a forever home is the perfect option.

• Amenities: Unlike in a starter home, you won’t need to sacrifice home features and amenities, given that you’re prepared to make a large long-term investment. Prominent amenities to look for include an outdoor space, newly renovated kitchen, extra bedrooms, home office, and more. 

Along with these benefits, a forever home does come with a few drawbacks:

• Large Repayment Obligation: Buying a home in the best neighborhood with all desired amenities will include a hefty cost. Even with a good down payment, you’ll be undertaking a large debt (mortgage), which will need to be repaid for the foreseeable future. 

• Lack of Flexibility: A forever home is a long-term responsibility that may hinder new plans you may want to pursue in the future. Such as relocating for better job opportunities, personal reasons, etc. 

Buying a Starter Home

The goal of buying a starter home is to have a property fulfilling your current needs, make modifications to increase its value, and always keep the option of moving into a better home on the horizon. Here are the pros and cons that come with investing in a starter home:

Pros

• Develop Homeownership Experience: Managing home modifications and monthly maintenance will serve as a great learning experience that helps you develop expertise in the ins and outs of owning a home. According to Investopedia, by paying off the mortgage promptly, you’ll develop a good credit score, making it easy to secure a bigger mortgage for the next home.

• Freedom to Move: Whether you want to move into a new neighborhood, or a completely new location, with a starter home, you have the freedom to explore new options at any time.

Cons

• Sacrificing on Wants: Given that the home will be lower priced, it may not be located in the best neighborhood and include all the features you’re looking for.

• Fluctuating Home Value: As reported by Real Homes, be mindful of the modifications you make, as some may make it difficult to sell the home. Additionally, the state of the housing market will play a major role when selling. The market not being in your favor can delay the selling process and make you lower the asking price. 

Along with homeowner’s insurance, consider buying a home warranty as well. A home warranty is a contract that covers the cost of damages and replacement to home appliances and the heating, plumbing, and electrical systems of the home. While you’ll spend on paying premiums, in the long run, it can save you thousands of dollars and protect you from bearing unplanned costs. Wondering if you still need a home warranty? See what home warranty reviews say.

Now that you have greater insights regarding housing options at your disposal, you’re ready to make a decision on the type of home that best suits your needs and Realty with Rich can help.